How Much Should You Expect To Pay For Flood Insurance in Florida

in /by

Flood Insurance Cost FloridaThe cost of flood insurance in Florida can vary greatly depending on several factors. Let’s take a closer look at how much you should expect to pay for flood insurance in Florida.

Flood Zones

FEMA is responsible for identifying and assigning flood zones in Florida as well as other states in the United States. Depending on which zone your home address falls into will greatly affect how much you pay for flood insurance in Florida. If your home is in an area that is considered high-risk, you will likely pay substantially more than someone in a low-risk area.

If you would like to learn more about the different flood zones, you can visit the FEMA website.

Understanding Base Flood Elevations (BFE)

One way to reduce the risk of flood in a high-risk flood zone would be to raise the elevation of your home. This means to lift the base structure up and out of the flood danger area. According to FEMA, if you build a new home, or raise your existing home above minimum requirements, it will save you on flood insurance premiums. Additionally, if you live in a home that was damaged by flood and are rebuilding the home, you may be eligible for assistance from FEMA if you had a National Flood Insurance Policy (NFIP) in effect when the loss occurred.

Your Home Elevation

The specific elevation of your home as it relates to the Base Flood Elevation (BFE) for the home’s location, plays a direct and unique role in determining the cost of your flood insurance in most cases. It’s very important to not make assumptions about premiums paid by neighbors or other homes nearby as even a 6-inch difference in the elevation from one home to the next can make a material impact on the cost of flood insurance.

Flood Insurance Premiums

Flood insurance premiums in Florida range greatly, but the approximate average premium is between $500-600 per year. It is advised to not assume that your rate will be average as the location of homes and risk of each property vary greatly in Florida. Be aware that at the time of this article being written, flood insurance through the National Flood Insurance Program for non-primary homes is $225 more per year than for primary homes. The best way to confirm the premium on your home’s flood insurance in Florida and get your flood insurance questions answered, would be to contact a licensed Florida insurance agent.

Reasons You Need A Flood Insurance Policy in Florida

  • Floods are Florida’s #1 natural disaster. If you’re not protecting yourself from floods in Florida, you should consider getting insurance protection for it.
  • Your home is a valuable asset. If you have a mortgage on your home, and it is in a Special Flood Hazard Area (SFHA), chances are your lender will require you to carry flood insurance.
  • Hurricanes can play significant roles in creating storm surge and unusual weather events. Florida is a great place to live, but we are susceptible to damaging natural disasters. Be sure to protect yourself with the right insurance coverage.
  • Even if your home is not in a Special Flood Hazard Area, you should still consider flood insurance. Flood damage is general excluded from the home insurance policy and a significant % of flood claims through the National Food Insurance Program (roughly 20%) occur in lower risk zones that are not considered Special Food Hazard Areas.
  • Cost to benefit: Especially for lower risk zones, flood insurance is a very small cost to pay versus the possibility of being self-insured for 2-3 feet of flood damage to your home.

The best way to get an accurate rate on your flood insurance is to speak to an agent in our office. We write a lot of flood insurance in Florida and can help you understand your options, insurance deductibles, base flood elevation, flood zones and more. Get the protection you need in Florida by talking to an agent in our office today.

The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.